Looking for an end-of-year tax break that can put big money in your pocket? Buy antiques you can use in your business. Why is this a smart move? Because you can depreciate or even Section 179 expense them. And you can benefit by creating tax-favored, long-term capital gains. That’s right. You can buy a desk, clock, rug, cabinet, bookcase, paperweight, conference table, … [Read more...]
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The smart way to turn your home into a rental
Thinking about making some extra cash by turning your home into a rental property? Well, I know just the right buyer for your property … your S corporation! That’s right. When your S corporation operates as the landlord, you’ll come out with more money in your pocket. What’s more, it’s easy to do as you’ll learn when you read my new article titled Tax Tips: Shedding … [Read more...]
Don’t let passive losses destroy your tax-favored capital gains
Do you own rental properties? If you do, I hope they’re producing a nice cash flow for you. But sadly, that doesn’t always happen. Sometimes your rentals produce losses which the IRS classifies as “passive losses” for tax purposes. This is not necessarily terrible because you can deduct those losses against passive income you’ve earned. The rental property losses that … [Read more...]
Beat the recapture tax on your home office!
Do you claim a home-office deduction? Are you thinking of selling your home and buying another? If you are, you’re in luck. You see, if you know what you’re doing, you won’t have to pay the unpleasant recapture tax. And you can increase the tax basis in your replacement home. Which means you win two ways. Want to find out more? Read my new article titled Tax … [Read more...]
Should you accept Bitcoin as payment?
There’s a lot of talk these days about Bitcoin. Which is not surprising. You see, more and more businesses are using this virtual currency as a store of value and a medium of exchange. Should you start letting people pay you with Bitcoin instead of greenbacks? Well, it’s certainly worth considering. But before you make a move, you should get all the facts. That’s why … [Read more...]